​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 05/07/1437H corresponding to 12/04/2016 regarding the lawsuit filed by the Capital Market Authority against Saeed bin Mohammad bin Mahboob Khan. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendant for violating Article (49) of the Capital Market Law and Article (2) and Article (3) of the Market Conduct Regulations for trading the shares of the following companies: (Al-Baha Investment and Development Co. , National Agricultural Marketing Co. , Emaar The Economic City,  Dar Alarkan Real Estate Development Co. , Knowledge Economic City, Etihad Atheeb Telecommunication Co. , Weqaya Takaful Insurance and Reinsurance Co.) during the period from 23/05/2012 until 12/11/2012. These practices formed manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The following fines and sanctions shall be applied:

1. Impose a fine on him in the amount of  290,000 Two Hundred and Ninety Thousand Riyals.
2. Oblige him to pay 501,151.35 Five Hundred and One Thousand and One Hundred and Fifty One Riyals and Thirty five Halalas.
3. He shall refrain from trading the shares of companies listed on the Saudi Stock Exchange (buying) whether in person or on behalf of someone else for six months.
4. He shall refrain from engaging in activities of portfolio management, in addition to working as an investment consultant for six months.
5. He shall refrain from working in companies listed on the Saudi Stock Exchange for six months.

The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.